Bitcoin Market Rising, But Is It Real?

The price of Bitcoin has been sideways for 2 days now, and a big move seems imminent. At the time of writing, this move has already started, but is it real, or just a scam?
Bitcoin Price Analysis
BTCC 1-hour chart

On the hourly chart of BTCC, both MACD and RSI indicators are firmly in the middle of their ranges: MACD (the second indicator from the top) remains at its zero line, and Bollinger Bands are beginning to contract. RSI (the bottom indicator) is already at 50 and has now started to move higher, at the time of writing this article.

The Average True Range (top) is falling because it tends to precede big moves in the market.

Not sure which direction the price will break out. Right now it looks like it is going to push higher, but such pull-ups often (and recently) come as a prelude to a sharp drop. If the pull-up is real, the next target should be the 1-hour 200-period moving average.

If the decline resumes, the target will be the support level of $400 or 2,600 yuan. Downward, the red golden section line can prevent the decline from continuing, but it should be noted that it has been ruthlessly penetrated in the past few days.

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Summarize

The price of Bitcoin seems to be moving upwards. The initial observation is that the current rise is just a correction and the price may still reverse and cause another wave of decline. XBT has not found a clear signal yet, so we continue to wait and see until the market makes its intentions clear.

Bitfinex Depth Chart and Buy/Sell Volume Indicator: